The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1887-06-23

take several days 10 tell where the hrm
stood; the drop had been an over
| whelniing surprise TO them and they
were unable TO meet II. From other
sources II was learned that their
failure was precipitated by an un-
usually large amount OF outside deals,
which were open and could not be settled
quickly enough TO meet margin calls. The
firm is thought 10 have started into the
deal with u capital of about $4,000 and
was in good standing on the floor, this be-
| ing their first embarrassment OF any kind
so far us known. Good authority places
| their dealings at the close at 500, 900 bush
els which they were long on.
The sensational collapse did not squeeze
| the local banks, and In fact had no serious
| effoct whatever on them. The banks have
| been very conservative for some time
past In dealings relating TO the fever OF
speculation and over-confdence that
has been prevalent in all kinds OF
business during the last two months,
and prominent bankers say that the local
money market is In first-class condition;
that the slight tightness that has
existed during the life OF tho wheat clique
was dissipated by tine break yesterday, and
that now large amount OF money that
was tied up In wheat will be In circulation
again. Well-knowp fn9nciers say that the
failures yesterday will be warning to the
business men and spectators OF the West
and that the effect will imbue numbers Of
men with a cautiousness and conservatism
OF which thoy were much in need.
in CINCINNATI
CINCINNATI, June 15.-The very general
impression that Cincinnati furnished
| large part OF tho clique which has been
/ ~,
deal turned attention in this direction yes
terday when the panic in wheat In Chicago
developed. Mr.. J, w. Wiltshire, who has
been publicly named as one OF the mys.
terious members, fatty declared, when
asked for information as to the cause OF
| the trouble, that he knew nothing about
it Others who were suspected OF being
In the deal were equally reserved. One
| Of the leading mon OF the supposed clique
said he did not believe Cincinnati men
were in IL at all, and that 1t was made up
OF operators In California and Cleveland.
Whatever the truth may DO there is no
sign Of any suffering here.
A prominent broker, being asked his
| opinion of the truth OF the charges made
| by Rosenfeld & Co that the Cincinnati
members OF the clique had failed to fur
nish money today, said II was more likely
that the market was broken in Chicago by
| lying about Cincinnati banks. "Whyn
said he, 'thcre woro ffty or more
kilograms received on change to-day
saying: Wheat weak, owing to re-
port OF run on Fidelity Bank or
Wheat weak, account ruIIors weakness
Cincinnati banksip The Fidelity Bank
has received from a number of correspond
ents an anonymous printed circular in
| 80 80. t,,t, sh.h han
were mailed from this city June 10, II and
l2, and seem 10 have been the origin Of the
rumors. The officers OF the Fidelity Bank
arc making rigid search for the author of
this circular. Instead OF any thing in the
likeness OF run the bank was busy recev-
ing deposits.
IN MILWAUKEE.
MILWAUKEE,, Wis, June 10 Excitement
on the Board OF Trade was intense yester-
day. The clicking OF the telegraph keys
was incessant and messages from Chicago
followed each other thick and fast The
failure OF tha.cliQpc houses and tho report
ed yun on tho Fidelity Bank at Cincinnati
adj "a TO the excitement At noon Hin,
! I'D -.-i.elIu a Co. tho Milwaukee, house Of
| q ] Kershaw n Co, OF Chicago, threw
up Tho sponge and confessed an inability
70 nav go, 900 on MARGINS to Frank Will
4 soh II was also understood that another
Of Kershaw's Milwaukee brokers had 200
900 bushels on his account margined at
81 cents, a loss OF nearly $4,000 more.
Hooker, Crittenden & Co. were also
brokers for Kershaw, and IL was feared
that they could not survive. 5. I. Hooker
said he thought he would be all right but
/ was not able to say then; in fact the solv-
ency Of the three houses mentioned depend
| ha, & Nm tho af
board IL was reported that Joseph Wilde,
broker had thrown up the sponge. Tho
scenes recall TO old.t time brokers the ex-
element OF 1877 and the days OF super
dollar wheat
When the first dispatches were received
from Chicago showing that alarm was
prevailing there and panic in prices
about to prevail brokers here became in
tcnsely nervous, aud began to offer hold
ings without number, but takers could not
be found. The July option was the one
dealt in here most and it broke rapidly fol-
lowed by the others, Brokers who had
deals had to stand by and shoulder losses
because no ono would have the stuf at
any price, while brokers fairly crawled
over each other to get TO the pit to offer
their wheat July wheat sold of from
so1Sc to 73l4c
IN NEW YORK.
| New York, June l5-The wheat market
broke badly upon receipt of the news of
the decline ut Chicago, and great excite
ment followed. Reported heavy receipts
at the West and the report that the
clique was broken depressed the MARKET
early months being weakest At one p.
m., after the report of the failure Of big
bull house in Chicago, the excitement was
intense. Wheat continued nervous, the
extreme decline being ~ cents on July.
June comes next with break of cents,
and on later months an Irregular DECLINE
of to "a cents. The option dealings
reached nearly 80,000,000 bushels, the
| largest ever recorded. Corn sympathized
with wheat, aud spots were u cent and
futures q to y cents lower.
*. IL sr. LOUIS.
ST. LOUIS June l5 There was great
deal of excitement on 'change yesterday
over the great tumble in the price OF
wheat in Chicago, especially as the crowd
has been and is still very bearish, and has
been playing the short side both here am
in Chicago. AS the break progressed I
Chicago very heavy offerings were mad
here, but there was also active buying
shorts. The decline, therefore, was NJ
great, being less than cents, with =
slight recovery at the close.
AT OTHER POINTS.
BALTIMORE, Nd, June 16.-Tbe b.
more wheat market broke yesterda,
cents on spot and 29( cents on futuI r
Over l,345,0OO bushels were sold.
DULUTH, Mimi, June 10. "A panics tx
the wheat market yesterday NOR z,
causing havoc among dealers. July or yea 4
Mt 70 cents seller and August so cents set n
er. July closed at nv cents and Assuse
at 1874 cents bad
MINNEAPOLIS, Mimi, June l5.-C AZ
Pillsbury IS authority for the statemehl
that no one here was caught by the neavE
decline IN wheat in Chicago june wn9P
| declined 10 cents below Mondays closlY y
Miflers here are generally pleased ~
collapse OF thu wheat corner lU